Calling the new GOP healthcare bill “a huge tax cut for guys like me,” billionaire investor Warren Buffett on Saturday said that American businesses are being most hurt by healthcare costs, not taxes.
“Medical costs are the tapeworm of American economic competitiveness,” he said at Berkshire Hathaway’s annual shareholders meeting in Omaha, Nebraska, claiming that his federal income taxes would have gone down 17 percent last year if the GOP bill had been in effect.
“So, it is a huge tax cut for guys like me, and when there’s a tax cut, either the deficit goes up or they get the taxes from somebody else,” said Buffettt, who was speculating that the middle class will pick up the burden.
Known to be a Democratic supporter of former President Barack Obama, Buffett also said that Trump’s proposed tax plan – which will cut the corporate tax rate to 15 percent – would be “to the benefit of his shareholders.”
If you would like to receive Breaking News text alerts on a smartphone or tablet, download the DML APP which is completely FREE and easy to use. Go to the Google Play Store or the IOS App Store and search for DML APP. Be sure to keep the app’s notifications setting on. Another way to receive alerts is to text to 40404 the following message: follow @realdennislynch (be sure to put a space between the word follow and the @ symbol).
To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.
Sign up to get breaking news alerts from Dennis Michael Lynch.
Australian billionaire announces huge investment in USA